Earnings Per Share

12 Months Ended

Jun. 27, 2020

EARNINGS PER SHARE

Basic earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs and other awards as well as MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and other awards as well as MSUs, and assumed issuance of common stock under the 2008 ESPP using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share:



	For the Year Ended
	June 27, 2020		June 29, 2019		June 30, 2018
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Net income	$	654,694	$	827,486	$	467,318

Denominator for basic earnings per share	269,341		274,966		280,979
Effect of dilutive securities:
Stock options, ESPP, RSUs and MSUs	2,687		3,811		4,695
Denominator for diluted earnings per share	272,028		278,777		285,674

Earnings per share:
Basic	$	2.43	$	3.01	$	1.66
Diluted	$	2.41	$	2.97	$	1.64

For the fiscal years ended June 27, 2020, June 29, 2019 and June 30, 2018, no stock awards were determined to be anti-dilutive. Securities which would have been anti-dilutive are insignificant and were excluded from the computation of diluted earnings per share in all periods.